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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +1.61%, Hang Seng +0.32%, Shanghai Composite +0.92% as of 03:10 ET

Jan 09 ,2026

  • Synopsis:

    • Asia equites ended mostly higher Friday. Strength led by Japan, mainland China and South Korea, all posted sharp weekly gains. Hang Seng and Singapore eked out mild gains. Australia pared earlier strength to end flat. India trading lower and is a notable laggard for the week. US futures were flat. Europe opened higher. US dollar firmer against Korean won, yen, kiwi and Aussie while DXY at one-month high. Yuan stronger too. Treasuries little changed after 10Y yield gained 4.5 bp in prior session. JGBs were mixed with rally in superlongs. Crude oil extending gains, gold edged down. Bitcoin lower too.

    • Asia equities ended the week with a solid rally as technology stocks resumed their upward momentum while traders look ahead to US payrolls and Supreme Court ruling on most of Trump's tariffs as soon as Friday. South Korea's Kospi touched yet another new high as Hyundai Motor (005380.KS)added more to Thursday's gains, and Samsung Electronics (005930.KS) also advanced to complete an over 8% w/w gain. The yen fell to near 157.50 per dollar to help exporters and trading houses to recoup yesterday's losses. Daily turnover in mainland China bourses hit over CNY3T ($430B), highest since September.

    • In other developments, China's consumer prices in December rose the most in almost three years at 0.8% y/y with an outsized gain in food prices. Core inflation was steady at 1.2%. Producer prices slipped less than expected while was down for 39 th straight month as deflation narrative remained firmly entrenched. Japan household spending rebounded sharply in November against expectations for a decline although almost all of the rise was attributed to an almost 150% rise in auto sales. The rupee began to slide again back towards 90 per dollar amid continuing angst over the lack of a trade deal and just as the RBI considers a change in how it compensates exporters from tariff difficulties.

    • Rio Tinto (RIO.AU) confirmed it is in preliminary talks with Glencore over a potential merger. Chinese AI startup MiniMax (100.HK) surged in Hong Kong debut. Anta Sports (2020.HK) has offered to buy the Pinault family's 29% stake in Puma, according to media reports. Montage Technology (688008.CH) plans to raise up to $1B in January Hong Kong listing, according to a Reuters report. Reliance Industries (500325.IN) said it would consider buying Venezuelan oil if it were allowed to.

  • Digest:

    • China CPI rises to highest since February 2023:

      • Headline CPI rose 0.8% y/y in December, slightly below consensus 0.9% while still marking highest since Feb-23. Follows 0.7% increase in prior month. Goods increased 1.0% and services saw 0.6% rise. Core inflation was steady at 1.2%, higher than 1.0% for fourth straight month. NBS attributed headline improvement mainly to uptick in food prices, which rose 1.1% with notable gains in fresh vegetables, fruits, beef, mutton and seafood prices. Pork prices narrowed declines while energy prices posted steeper drops. Elsewhere, household appliances continued to be a notable gainer amid pro-consumption policies and year-end holiday. Gold jewelry prices also rose sharply. CPI for whole year was unchanged from 2024. PPI softened to 1.9% y/y drop from 2.2% in November with consensus at 2.0% fall. NBS highlighted effects of various macro policies, including rollout of unified national market, which narrowed decreases in coal mining/washing, lithium-ion battery and solar equipment manufacturing. Growth of new productive forces resulted in positive developments in emerging industries, including digital economy and new materials. Also highlighted policy efforts to tap into consumer demand in leisure sectors.

    • Samsung earnings, semi stock price surge attest to scramble for memory:

      • Nikkei discussed prospects for tight memory chip supplies to continue in 2026. AI tailwinds boosting performance of memory producers while shortages and associated prices hikes stand to hold hamper buyers such as PC and smartphone manufacturers. Article noted current dynamic was a factor in Samsung's (005930.KS) strong Q4 earnings. Trendforce data showed Q4 DRAM prices rose 50-55% over the quarter while NAND prices were up 33-38%. Notable memory stocks Kioxia (285A.JP), SK Hynix (000660.KS) and Micron Technology (MU) are up by 20% or more just since the turn of the year. A survey of 16 analysts and companies showed the strongest consensus on memory shortages remaining persistent in the AI data center segment throughout 2026 and GPU production lines are expected to continue at full throttle. Cutting edge 2-3 nm architecture won't be able to meet demand. HBM supplies already facing shortages. Market tightness extending to general-purpose memory used in smartphones and PCs as manufacturers are prioritizing more lucrative AI clients. Report fit with an earlier FT piece highlighting the ramp in memory prices may push up prices for final demand electronics by as much as 20%, citing warnings from a range of companies. Dell (DELL) noted current cost increases were unprecedented.

    • China auto sector imbalances becoming more pronounced:

      • FT discussed expectations for China auto exports with analysts and industry group estimates pointing to growth upwards of 25% in 2026 to a record high above 7M units, as automakers seek to offset collapsing domestic sales of ICE vehicles and slowing EV growth. Both Chinese and foreign firms are said to be repurposing their factories toward more lucrative export markets. UBS forecasts look for ICE vehicle exports to rise 4% to 3.4M while EVs to surge more than 50% to 3.7M. Longer term projections see total exports doubling from 2024 levels by 2030 to 9.4M. Cited Omdia thoughts that overseas markets had effectively become the pressure valve for surplus car production in China. CPCA projects total auto exports to rise 20% driven by EV sales from BYD, though association has noted "tremendous" challenges for growth this year. Chinese carmakers rapidly establishing production bases and sales networks around the world outside of US to circumvent rising tariffs. UBS calculates exports and Chinese offshore production account for about 20% of sector revenue and close to half of profits. On the other side, an earlier Nikkei article cited CAAM projections for China auto imports to have dropped 30% in 2025 to fewer than 600K, a 16-year low as domestic price competition squeezes out luxury vehicles from western markets.

    • Japan household spending rebounds strongly, though mostly reflecting car purchases:

      • Household spending rose 2.9% y/y in November, contrasting with expectations of a 1.0% decline. Marks a rebound from a 3.0% drop in the previous month and the strongest growth since May. However, strength was almost entirely accounted for by a 148.1% spike in auto purchases. While strong car demand has not been a notable theme, lumpy triple-digit increases have been relatively common in 2025. Household durables and miscellaneous (wedding related expenses) were distant second and third largest contributors. Details were consistent with a sharp bounce in discretionary spending for the ninth positive month this year while non-discretionary spending fell for the fourth straight month. Also ties in with yesterday's BOJ Sakura report that showed high end spending was robust though sluggish supermarket activity reflected softness in non-discretionary demand. Inflation drag continues with real spending still markedly softer against 6.3% growth in nominal terms. Similarly, real household incomes fell 2.2%, failing to grow for the third straight month while nominal earnings rose 1.0%. Main breadwinner salaries fell in real terms for the sixth straight month, generally consistent with ongoing negative average wage growth. BOJ consumption activity index (travel balance adjusted) bounced 0.4% m/m in November from a 0.2% decline in the prior month, leaving a mildly positive trajectory in Q4 comparable with recent quarters.

    • South Korea to launch 24-hour forex trading as it moves closer to MSCI developed nation status:

      • South Korea set to introduce 24-hour forex trading in July, relax rules for offshore transactions by September as latest steps in securing 'Developed Market' status at MSCI. Proposed changes long pledged but economy ministry said definitive plan is first step toward internationalization of won (Bloomberg). Move will ensure sufficient liquidity during extended trading hours, allow overseas investors to trade via intermediaries while BOK will process settlements. Announcement comes as part of government's plan to support 'great economic leap' in 2026 (Yonhap). Government will boost growth by investing in strategic national industries with goal of advancing country to be global #2 chip powerhouse. Also manage macro conditions by stabilizing consumer prices, preemptively addressing risks. Will also seek to tackle polarization in economy by promoting balanced growth. Seoul to also push construction investment that dropped 9.5% in 2025 and increase employment that has been hit by aging population, shrinking workforce.

    • Notable Gainers:

      • +10.7% 9983.JP (FAST RETAILING): reports Q1 operating income ¥210.91B vs FactSet ¥175.43B; raises FY guidance

      • +4.9% 000880.KS (Hanwha): Hanwha Group reportedly considering expanding Philly Shipyard and acquiring additional shipyards in the US

      • +4.6% 7649.JP (Sugi Holdings): reports 9M operating profit ¥34.14B, +19% vs year-ago ¥28.76B

      • +2.6% 9618.HK (JD.com): repurchased ~183.2M Class A ordinary shares (equivalent to 91.6M ADSs) for total of ~$3.0B in 2025

    • Notable Decliners:

      • -8.8% 6669.TT (Wiwynn): reports Q4 results

      • -7.7% 8267.JP (AEON Co.): reports 9M results

      • -6.3% RIO.AU (Rio Tinto): Glencore confirms preliminary merger discussions with Rio Tinto

      • -3.8% 600438.CH (Tongwei): China's SAMR reportedly met with photovoltaic companies to discuss monopoly risks, rectification methods on 6-Jan

      • -3.4% 066570.KS (LG Electronics): reports preliminary Q4 operating profit (KRW109.4B) vs StreetAccount (KRW34.59B)

      • -0.8% 373220.KS (LG Energy Solution): reports preliminary Q4 operating profit (incl. AMPC) (KRW122.0B) vs StreetAccount (KRW48.03B)

  • Data:

    • Economic:

      • China

        • December CPI +0.8% y/y vs consensus +0.9% and +0.7% in prior month

          • PPI (1.9%) y/y vs consensus (2.0%) and (2.2%) in prior month

      • Japan

        • November household spending +2.9% y/y vs consensus (1.0%) and (3.0%) in prior month

          • Spending +6.2% m/m vs (3.5%) in prior month

    • Markets:

      • Nikkei: 822.63 or +1.61% to 51939.89

      • Hang Seng: 82.48 or +0.32% to 26231.79

      • Shanghai Composite: 37.45 or +0.92% to 4120.43

      • Shenzhen Composite: 35.06 or +1.34% to 2660.05

      • ASX200: (3.00) or (0.03%) to 8717.80

      • KOSPI: 33.95 or +0.75% to 4586.32

      • SENSEX: (564.70) or (0.67%) to 83616.26

    • Currencies:

      • $-¥: +0.68 or +0.43% to 157.5540

      • $-KRW: +5.69 or +0.39% to 1458.2100

      • A$-$: (0.00) or (0.33%) to 0.6678

      • $-INR: +0.24 or +0.26% to 90.1807

      • $-CNY: (0.00) or (0.04%) to 6.9812

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
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